President Bola Ahmed Tinubu has expressed optimism regarding Nigeria’s economic progress, as highlighted in the newly released third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS). The report reveals a 3.46% economic growth during the third quarter, exceeding the previous quarter’s performance and surpassing projections.
In a statement released on Monday by his Special Adviser on Media and Public Communications, Sunday Dare, the President said:
“I am excited by the latest report from the National Bureau of Statistics that our economy grew in the third quarter more than last quarter and even beyond projected estimates.”
While welcoming the positive data, President Tinubu emphasized the need for continued efforts to translate growth into tangible benefits for Nigerians.
“The latest figure also shows the much work that needs to be done. We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard,” he said.
The President reaffirmed his administration’s dedication to improving citizens’ welfare and highlighted that economic growth must lead to better livelihoods.
“My administration remains committed to the welfare of our people,” he stated.
Tinubu also underscored that the GDP figures reflect progress toward his administration’s ambitious goal of achieving a $1 trillion economy by 2030. He noted that ongoing reforms aimed at enhancing fiscal management and promoting equitable wealth distribution are beginning to yield results, despite initial challenges.
According to the NBS, the GDP growth was driven by key sectors, including Agriculture (28.65%), ICT (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance and Insurance (5.51%), and Real Estate (5.43%). Tinubu pointed to these sectors as evidence of the economy’s vibrancy and potential, particularly as it continues to recover from structural inefficiencies and past shocks.
The President highlighted proposed tax reforms designed to reduce the burden on small businesses and ensure equitable revenue distribution across states. He emphasized that the reforms would address disparities caused by the “headquarters effect,” promoting fairness in resource allocation to underserved areas.
Tinubu reiterated his administration’s commitment to rebasing the economy by 2025 to better reflect changes in key sectors and align with transformative reforms. He assured Nigerians that these efforts would pave the way for shared prosperity and a more inclusive economy.
“The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects. Once the economy is rebased by early 2025, the country will be on its way to shared prosperity,” he said.
The statement emphasized that the growth recorded in the third quarter demonstrates that the administration’s policies are beginning to bear fruit. Tinubu concluded by reaffirming his promise of creating a $1 trillion economy by 2030 and ensuring a better standard of living for all Nigerians.
